IIM Sambalpur organises International Conference on Metaverse Banking in association with ICSSR

Bengaluru, July 15, 2025: IIM Sambalpur organised the “International Conference on Metaverse Banking and Financial Transformation” (ICMBFT 2025) in association with “Indian Council of Social Science Research” (ICSSR), bringing together academicians, industry leaders, Fintech disruptors, and policymakers. Centred on the theme The Metaverse Bankscape for Viksit Bharat @2047: Trends, Tech & Transformation.” The event aims to educate all stakeholders highlighting the need and scope of metaverse in financial sectors by leveraging cutting-edge technologies to redefine the future of banking and financial inclusion in India.

The conference sparked thought-provoking discussions regarding how emerging subjects like Metaverse, Web3, Artificial Intelligence, and blockchain are transforming financial services to be faster, more inclusive, and available to the underserved. Metaverse banking (opening virtual banking branches) is bringing a major shift in the way people experience financial services. Through the application of technologies like: virtual reality (VR) and augmented reality (AR), banks are creating 3D virtual spaces, allowing customers to manage accounts, conduct transactions, make payments, or even seek financial advice from their homes. These virtual more interactive and personalized experiences are assisting banks connect better with customers, particularly in remote or undeserved areas.

This significant conference witnessed eminent personalities including, Dr. Praveen K. Choudhary, Global Operations Director, Digital Business, HCL Technologies; Sagar Vaishnavi, Manager, BCG Vantage, Boston Consulting Group; Dr. Atul Tripathi, Honorary Adjunct Fellow, National Maritime Foundation, Indian Navy; and Samarendra Mohanty, Group CIO, Melstar Information Technologies Ltd. The event witnessed the participation from over 100 participants with over 80 research papers, reflecting the depth and diversity of perspectives on these transformative themes.

In his address, Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, said, "Today marks a significant moment as we embrace the unlimited possibility of the Metaverse. With AI-powered case studies, hybrid-board classrooms, and smart learning infrastructure, we're rewriting the future of education. These technologies enable students to co-create, address real-world challenges, and be part of an enhanced talent pool ready for governance, public service, and tech-driven industries. Initiatives like our AI-powered classrooms and the newly launched B.S. Programme in Data Science and Artificial Intelligence are key steps towards preparing young minds for the digital future. Industry, Academic Institutes and Government to work together to achieve the Vikshit Bharat@2047 vision of our Honourable Prime Minister.”

The conference featured a plenary session on “Future of Metaverse Banking & Financial Ecosystem in India.” During the panel discussion, addressing the participants, Dr. Praveen K. Choudhary, said, “The future of banking lies in combining cloud scalability, zero-trust security, and immersive user experience—making technology accessible, secure, and engaging for every individual.” While, Samarendra Mohanty, shared insights on metaverse banking and said, “To truly innovate in virtual banking, we must first deeply understand customer behavior through data. Technology means nothing without insight, so before building anything for them, first know your customer well.” Sharing his thoughts on data protection and cyber security, Dr. Atul Tripathi, underlined, “In the era of Metaverse and AI, data protection and cybersecurity are no longer optional, they’re mission-critical. This creates a massive opportunity for future leaders to become expert risk and compliance professionals.” The session was moderated by Sagar Vaishnavi.